Investment Rating - The report maintains an "Accumulate" rating for the company [4][2] Core Views - The company demonstrated strong performance in its 2025 mid-year report, with revenue reaching 580 million yuan, a year-on-year increase of 6.7%, and a net profit attributable to the parent company of 190 million yuan, up 31.4% year-on-year [8] - The company remains a leader in the tumor drug companion diagnostics sector, with a comprehensive product range and several exclusive approvals, contributing to stable revenue performance despite industry challenges [8] - The company has improved its net profit margin to 32.6%, reflecting enhanced operational resilience through effective cost management and sales efficiency improvements [8] Financial Summary - Revenue projections for 2025-2027 are set at 1,297 million yuan, 1,481 million yuan, and 1,699 million yuan, respectively, with a compound annual growth rate of 17.0% [2] - The company’s gross margin is projected to be 83.0% in 2025, slightly decreasing from previous years, while the net margin is expected to improve to 25.1% [2] - Earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.83 yuan, 0.99 yuan, and 1.20 yuan, respectively [2][4] - The company’s market capitalization is approximately 9.166 billion yuan, with a target price of 26.56 yuan based on a 32x P/E ratio for 2025 [4][2]